Member Info for Swanley

He said 3 years from now till at a stage where they can operate a mine.

Share and share alike n all that. Definitely got a warm fuzzy feeling and am a much more confident holder here now. Only unknown for me is those drill results. Fingers crossed n GLA!

Share and share alike n all that. Definitely got a warm fuzzy feeling and am a much more confident holder here now. Only unknown for me is those drill results. Fingers crossed n GLA!

That Sara was the one running the Proactive session last night!

My notes from our 1:1 conversation: I asked specifically for more information on the RNS from April 13 on transfer of shares to Galactic and he answered that the transfer was “not a precursor to a buy out and that he wanted to the market to understand that there is absolutely no intention to take SULA private.” He said the numbers being discussed on various forums for a takeover price were totally unrealistic (i.e. that SULA was worth a lot more) and they were going to realise that full value of SULA. He went on to explain that they would not take SULA private because a) SULA needed to continue to use the capital markets to raise equity to complete the prove up of the asset and b) that their intention was to take this all the way through to building a mine and realising the value they expect is there. I asked him about the next activity following the current drilling and he said (as we know) that it’s dependent upon results, but assuming they’re good, there would be another round of equity raising and that it it’s too early for a JV and the terms of a JV at this stage would not be favourable for SULA. We chatted briefly about news flow and he said that he understood that there had been less in the past and that he wanted to ensure that there is steady news flow in future as he understands the importance of communicating to his shareholders. He said he wasn’t sure on whether to release the RNS re: core samples a few days ago, but decided to as he felt that it was better to over communicate which I said was appreciated by shareholders. He said that one of the reasons for the open offer back in February was to give shareholders something back. He said that “he wasn’t a rich man” and that his investment in SULA is also a big risk for him financially, which reflected his belief and commitment in SULA’s success which was good to hear. End.

There were about 100 people attending and RM was up first. The presentation that he gave was the same slide deck as per the previous at the UK investor show - so no new content (as expected) and this is up on the SULA website. He gave the presentation and then I had a chat with him at the end. I wanted to talk face to face with him as much to assess whether he was the real deal as well as to ask some specific questions. I have to say that he came across as totally genuine and didn't shy away from answering anything I asked. He gave a lot more context and said he was happy for me to share the following information too. My notes from the presentation: He has confidence of gold in all target zone locations. When pushed he said his confidence was 100% that there was gold in all locations but that drilling would determine if it was economic enough for a mine or not. He was asked what would need to be there for it to be ‘economic’ and he answered that “his expectation was for more than 3m oz Au at well north of 2g/tonne”. I see this point as very telling of what resource estimate may eventually be proved up and its valuation. He was asked a lot about the licenses and explained that it was an exploration only license for 3 years with the option to renew for a further 2 years. They would extend the license and then apply for a mining license should the results and subsequent economic analysis determine there was enough gold there for a mine. He reiterated that their intention is not to “flip the company” and take it all the way to a mine. He was asked about the core/assay samples. He answered that the first batch of samples were now in Ireland and that they comprised 1-2 cores from Sanama Hill and 3 or 4 from the Eastern target. He said that there was a process they had to go through for quarantine then logging/analysis and that process would take 2-3 weeks and that the results would be announced for that batch in a separate RNS. He said that there would be a total of 2, maybe 3 batches of core results all sent for analysis and reported on by RNS separately. Each of these assay samples will comprise a combination of Sanama Hill and Eastern target cores. He mentioned in the main presentation that he hoped to have more drilling completed by [our UK] summer. Rest to follow

lol, yes just busy dumping my holding... No sorry, I got back late last night and am just writing my notes up now (it's a lot!). Will post shortly.

Nice! Was that your 10m buy this afternoon then?! Roger's finished his presentation, I'll write it up later today..

Well timed update, thanks for sharing Walia. I agree, bullish. I will try to delve deeper into what "unwound" resulting in the share and warrant transfer. Reading between the lines, I reckon some partners within MO dropped out and Mike picked up their holdings. Nice 10m buy at end of day too.

Haha! I'll propose that... See how it goes down. Same here, trying to remain calm whilst charts look poised to blow. Wish these results would hurry up.

mmmm, Enjoying my frosties samples with a glass of milk this morning. Theyrrrrrre GREAT! GLA

Yes possibly on the first batch, but final results were estimated by RM for mid May if I recall correctly.

Hello Royoboy, yes definitely, it was going to be the first question I asked!

Hello micksnags1, I hope you and everyone had a good Easter weekend. Not on my PC so haven't got any pics uploaded, but I'll give my 2p worth: Price has bounced up off the recent low on week of 20th March at about 0.39p and was supported by previous high of about 0.36p on week of 16th Jan. It is supported by the 50ema on the daily chart. The trend still appears to be upwards and with the price clear of the 0.41p barrier, it now needs to clear the recent low of 0.44p to break out. Past this, there is the previous high of 0.52p on weeks of 21st Sep 2015 and 13th Feb 2017 and after that, the weekly 100ema of around 0.6p which could provide some resistance. After that, it's clear air until 0.8/0.9p . On the daily, the 100ema is closing in on the 200ema and a cross of this would signify a true upward trend on the daily chart. If the recent low at about 0.39p stays, then this could mean the end of the corrective trend down and start of the next impulse sequence of 5 waves with up overall. But there's about 4-5 weeks till results so there's still time for this to go up then down again if it's not the end of the 3 wave corrective sequence, but we should know if price goes up past 0.52 in the next wave. Hope that helps, other views welcomed. I'm planning to go to proactive event on Thursday, anyone else going?

Cheers Rev, I wish you and all in here a fantastic Easter break with more Sula frosted eggs than you can shake a stick at!

LOL!! I just took all your info and re-pasted it!

Interesting development today, and especially due to the timing. Madini Occidental transferred (not disposed) of its holding to Galactic Tidal, an investment company in the Seychelles. Now the owner of eqd owns half of Madini's holding and 6% of sula. Ian McPherson still owns a large chunk and ongeza still owns 38m shares. The timing tells me that the driller knows something - why would they invest more if the cores were turning out dust? I wouldn't be surprised if there is an rns released on the first assay results shortly and they're really good. We know that eqd and Madini and Roger Murphy and ongeza are all mates and together they hold the majority. We know Roger said they would be commercial and wouldn't be looking to do anything until the resource was entirely proved up, so I don't expect a sell now. Madini self proclaim to be a company that specialises in acquiring and building stakes in companies that hold near term potential - which is what they've done here. I don't personally think they will ever build a mine, but they will do the economics and have the skills to do that to ensure that they know the value of the resource and so they have to be bought out at full value as Roger Murphy said in his recent interview with Zak Mier. From the $400k subscription RNs in October, there was this commitment: "Madini and MO have committed not to exercise their abovementioned proposed warrants to the extent that it would result in the Concert Party's aggregate interest in Sula increasing to 30.0 per cent. or more of Sula's issued ordinary share capital" None of the significant hnw investors appear to have dumped and the market likes the news it seems. To me this director activity says Sula is starting the next impulse wave up a few should start to see good news shortly. GLA

The management team here are an UTTER DISGRACE and are a shining example of what gives the AIM a bad name. I hope they never grace this market with their presence again. The RNS this morning should have read: "Stepout drilling program confirms over 1km of Ed Slowey's utter horse sh*t" I wish all holders a better time elsewhere.